Presently, there are a number of ways for a provider to remotely transfer money to a recipient. For example, the provider may use an automated clearing house (“ACH”) transfer, an internal ACH transfer (such as the P2P functionality in Capital One's 360® P2P online banking platform), or third party money transfer systems (e.g., ClearXchange™, Venmo®, Paypal®). However, each of these methods have limitations. For example, a typical ACH transfer may take multiple days to process. An internal ACH transfer may allow for the same day transfer of funds, but may only be performed if the two parties have an account at the same financial institution. Lastly, third party money transfer systems may also have time delays between transferring funds between an account associated with the third party system and an account associated with a primary financial institution (e.g., a bank account) before the recipient may access the funds for withdrawal.
However, there may be situations where a provider desires to remotely transfer cash that is immediately accessible to a recipient that does not have an account at the same financial institution as the provider, and none of the above-described methods enable such a transaction to occur. For example, a student may only have until the end of the day to provide a landlord cash for a security deposit on a highly sought-after apartment, but the student's parents (who live in another state) would not be able to provide the student with access to the necessary cash by the end of the day using the methods described above, unless the student already had an account set up with the same financial institution as the parents.
Accordingly, there is a need for improved devices, systems, and methods that enable a provider to remotely transfer cash to a recipient that does not require both parties to have an account with the same financial institution.